Japan bets on eFuels through HIF Global investment
Published on: Aug 9, 2024
Japanese organization JOGMEC will invest $36 million to expand the company’s projects across the US, Australia, Chile and Uruguay.
HIF Global announced a $36 million equity investment by the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency, via Idemitsu Efuels America Corp.
This deal is set to expand HIF’s eFuels projects in the US, Australia, Chile and Uruguay. When combined with the investments by Idemitsu and existing shareholders, the company has been able to secure $200 million of new funding year-to-date to fund the development of its e-Fuels projects globally.
“We foresee a future when e-Methanol, produced by low-cost, abundant sources of renewable energy in the USA, Australia, Chile, or Uruguay, is exported to Japan for green shipping, or to be further refined into fuels like e-Gasoline, e-Diesel, or e-SAF, to be dropped-in to existing engines without the need for any changes to our infrastructure,” said Cesar Norton, President & CEO of HIF Global.
eFuels are made using electrolyzers powered by renewable energy to separate hydrogen from oxygen in water. The green hydrogen is utilized together with recycled carbon dioxide to produce carbon-neutral eFuels, which are chemically equivalent to fuels used today and can be dropped-in to existing engines without any modification.
e-Methanol is produced by HIF’s methanol synthesis process and can be further converted into other e-Fuels, such as e-Gasoline, e-Diesel, or e-Sustainable Aviation Fuel (e-SAF).
